Posted on 04/20/2017 3:25:16 PM PDT by molewhacka
Tennessee Republican Sen. Bob Corker, derisively tagged the “Senator from Wells Fargo” by those fighting to recapitalize Fannie Mae and Freddie Mac, is actively pushing President Trump to continue the Obama administration policy of sweeping Fannie and Freddie earnings to the Treasury Dept....
The letter asked President Trump to continue taking what is known as the “Net Worth Sweep” that sweeps all Freddie and Fannie earnings into the U.S. Treasury, without paying stockholders any dividends....
Specifically, Guynn had advised Bright and Corker that continuing the Net Worth Sweep “will undermine the confidence of investors in the rule of law (not only those in Fannie and Freddie, but also in the U.S. financial system more generally) and potentially have an adverse effect on financial stability in the United States, and are therefore bad public policy.”
(Excerpt) Read more at yournews.com ...
Actually I would rather it go to the US Treasury rather then into the pockets of Bill Clinton cronies which is what was being done up to the 2008 crash.
Corker is dirtier than even I imagined.
What’s wrong with TN?
They are the only state other than AZ who had both of their Senators vote for Rubio’s Gang of Amnesty bill.
We know AZ loves Cheap Labor Express stooges, but I thought TN was smarter than that.
Lots of good people in Tennessee, but most of them are not paying attention and just vote for the “R” with the most commercials. The TNGOP leadership is a cesspool.
In TN, we have open primaries and no runoffs. Without either, Democrats and RINOs get to choose the nominee often with a plurality since the Dem nominee is usually a desultory entity.
I would rather we treat private, semi-private and government entities by the same set of rules. If they are bankrupt, either reorganize or liquidate. Don’t just make up a set of rules that allows the government to pick winners and losers or siphon off profits.
It still goes to cronies. It rips off investors. There is no legal basis for it. It is embezzlement of the US Treasury.
The Obama Treasury Department under Geithner propped up Fannie and Freddie, bought shares and collected interest as they should. Nothing wrong yet.
Then, Treasury sold its stake to investors for hundreds of billions, but for tens of billions less than was originally injected. Now the investors who bought in should collect interest, only they are not. That’s looting, stealing from investors who have a right to the interest.
Treasury sold out low to investors because the housing market was still awful and money was needed to buy off Obamacare cronies for the 2012 election. When the housing market turned up, the investors who took a risk were set to make a profit on their investment. But Geithner, Obama, and many others saw the profits and stole them. There was nothing in the investment agreements to say the government would take more interest than it was due. So several lawsuits have been filed over the stolen interest.
The original many hundreds of billions to prop up Fannie and Freddie were part of the ongoing bailout of institutions during the financial collapse. When Treasury decided to sell the government’s stake in Fannie and Freddie, it was in 2012 when Obamacare was failing due to lack of funds. There was no Congressional authorization for additional funds until years later.
To prevent an election issue over Obamacare insolvency. Geithner sold the government’s stake for over 300 billion to investors. Rather than put that 300+ billion into the general fund and lower the projected debt ceiling accordingly, Geithner illegally authorized a transfer from Treasury to Obamacare cronies. Then Geithner promptly resigned and laid low.
So now, President Trump has an opportunity to prosecute high ranking democrats and republicans over Obamacare crony related embezzlement. In so doing, he can declare Obamacare insolvent, managed criminally, and ask Congress for a FULL repeal, and new legislation to break competitive barriers and monopolies. In other words, what he ran on.
PING!!!
Article and comments, esp #7
Excerpt:
So now, President Trump has an opportunity to prosecute high ranking democrats and republicans over Obamacare crony related embezzlement. In so doing, he can declare Obamacare insolvent, managed criminally, and ask Congress for a FULL repeal, and new legislation to break competitive barriers and monopolies. In other words, what he ran on.
thanks, molewhacka
Thanks for the posts; ping. Uniparty $wamprat ALERT!
Whole lotta draining to do.
No doubt that Corker is sleazy. And the stockholders should not be robbed. But Freddie and Fannie are two more Fedzilla programs which should be terminated. If government is going to get into the business of backing mortgages, it should be at the state level. I can’t find authorization for Fedzilla to be involved in the U.S. Constitution.
Stay in Virginia, you don't know Sh!t about AZ.
We get McVain stuffed down our throats by the AZ RNC who is in lockstep with the Washington D.C. crowd. They run two or three worthless stiffs against him in the primary to split the conservative vote, and then the "Independents" (Read: Dems in Sheep's clothing) vote for McCain in our "Semi-closed" (open to Dems) primary. We get stuck with him as the nom, and the DNC runs a complete whack-job (Fitzgerald) that makes McCain look sane.
This cycle, Soros injected tens of millions of dollars to help two liberal ballot measures, defeat Sheriff Joe, and run thousands of hate-ads against McVain's primary opponent - Dr. Kelli Ward. She never had a chance. For every one ad of hers, there were twenty Soros ads against her.
Then we have the indian problem. Half the state is reservation land - and you know how they vote. Add in liberal Phoenix and Loopy-left Tuscon, plus the constant influx of California-Communists, - and yes, Virginia liberals - they moved in across the street from me a year ago - and the reality is you should be kissing our Republican asses for saving the state year-in and out from complete DNC takeover, whereas your state has already been consumed.
Great. Now the Senate seat will go to the Democrats and we will lose the Senate. S#!^!
Thanks for the ping !
Excellent post by freeper “hostage”:
http://www.freerepublic.com/focus/bloggers/3545887/posts?page=7#7
.
Wasn’t the choice corker vs ford jr? We all knew jr was a crook his whole family is.
Corker ought to be in jail for his treachery in the Iran nuke deal.
And yes, I’m aware that 98 others went along with him.
Now is the time to (a) auction off all Freddie and Fannie assets, (b) use as necessary any proceeds to pay off all their liabilities, (c) split the rest 50/50 between their stockholders and the treasury, and (d) close them down.
The private markets/companies in the finance industry will in time form some private giants to do what Freddie and Fannie did, without any taxpayer backing, actual or implied.
Yup. We were denied Ed Bryant twice to serve our state in the Senate. Makes me sick.
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